Beijing Slams America of ‘Double Standards’ Concerning Tariff Threat

The former US president’s most recent warning to impose an extra 100% tariff on items imported from China has been described as a “typical example” of US double standards, according to the China’s leadership.

A Commerce Ministry spokesperson further commented that Beijing could introduce its own unrevealed “countermeasures” if the American leader follows through on his threat, noting that the country was “not afraid” of a looming trade war.

On Friday, Trump retaliated at China’s decision to reinforce its rules for overseas sales of rare earths, charging Beijing of “becoming very hostile” and attempting to hold the international market “hostage”.

Additionally, he vowed to withdraw from a planned meeting with Beijing’s head of state Xi Jinping, which was expected to take place during a conference in the Republic of Korea later this month.

The former president’s remarks on last Friday rattled financial markets, with the S&P 500 dropping nearly three percent, marking its largest decline since April.

His comments reignited concerns of a trade conflict between the United States and China.

Earlier this year, the respective governments had agreed to remove triple-digit tariffs on each other’s goods, which had created the possibility of commerce ceasing between the two countries.

Consequently, US tariffs on Chinese goods subject to an extra thirty percent tariff compared with the start of the year, while items from the United States entering China are subject to a 10% tariff.

Beijing’s recent statements – released by the Commerce Ministry in the format of formal replies to press queries – echoed rhetoric from the height of the latest commercial tensions.

They criticised US export restrictions on chips and semi-conductors while justifying Beijing’s restrictions on exports on rare earths as “routine measures” to safeguard state interests and that of all nations.

The spokesperson said that for “many years”, the United States had “broadened the definition” of state security, exploited overseas sale restrictions and “adopted biased policies against the Chinese nation.

“Turning to” tariff threats is not the correct approach to engage with the Chinese government,” the spokesperson commented.

“China’s position on a trade conflict has consistently been unchanging: we do not want one, but we are unafraid of one.”

Last week, the Chinese government declared it was reinforcing overseas sale regulations on rare earths and further resources essential to advanced tech manufacturing.

This move was regarded as a important measure, as the state handles about 90% of the global rare earth supply, which are employed in items such as photovoltaic modules and smartphones.

New remarks from Washington and Beijing are being seen by some as a means of strengthening positions in preparation for future trade talks.

Is not yet known whether a meeting between Trump and Xi Jinping, planned at a conference in the Republic of Korea before month’s end, will take place as planned.